TELESPAZIO FRANCE : revenue, balance sheet and financial ratios

In 2024, TELESPAZIO FRANCE achieves revenue of 99.2 M€. Revenue is growing positively over 9 years (CAGR: +2.7%). Vs 2023, growth of +14% (87.4 M€ -> 99.2 M€). After deducting consumption (0 €), gross margin stands at 99.2 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.5 M€, representing 2.5% of revenue. Warning negative scissor effect: despite revenue change (+14%), EBITDA varies by -41%, reducing margin by 2.3 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 4.2 M€, i.e. 4.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 46%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 36%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 27.1 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 136.04. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 94.1x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 109 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 143 days. Excellent situation: suppliers finance 34 days of the operating cycle (retail model). Inventory turnover is 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 109 days of revenue, i.e. 30.0 M€ to permanently finance. Over 2016-2024, WCR increased by +143%, requiring additional financing.

Based on 250 transactions of similar company sales (all years), the value of TELESPAZIO FRANCE is estimated at 8 007 532 € (range 3 272 366€ - 30 982 153€). With an EBITDA of 2 477 955€, the sector multiple of 0.6x is applied. The price/revenue ratio is 0.21x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.